Topic: Is Mining still worth it? (Read 487 times)
DeFi is the evolution of commerce. They prefer to follow DeFi with the farming or staking feature because it is easier and cheaper to invest. In addition, mining generates great electricity in the midst of a difficult economy mining machinery is not a good option for the time being.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated. 
Mining has been less profitable because we're in a bear market. If you're mining coins like Bitcoin, chances are you'll be profitable when the market returns but for altcoins, your mined tokens could be worthless in the coming years as the bear market usually last for years. We have one to two years left of bear market and during this time, the tokens been mined mightn't have liquidity or have less attraction from investors as there are better options with the right marketing been listed on exchanges.
How long will the graphics card last, if it's something you'll need to make use of immediately before it expires then consider selling it out because you'll be in loss when you consider all the expenses to step up a miner to mine some token that the future isn't certain.
For starters we have a few coins out there that you can mine and take some profits, but the downside to realizing some profit is one needs to invest heavily in the equipment itself which is costly for the best rigs and running costs such as electricity, cooling etc need to be considered as these can eat up your profits. So technically speaking in the short term it's not, but long terms it could be profitable.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I'm not sarcastic but I have a question, who is a miner who doesn't care about profit? this is the first time I heard someone entered the market just to help promote the growth of bitcoin without profit. According to what I see, Mining companies or bitcoin holders, they all enter the market with the common goal of profit, even we are here for profit.
OP, mining has become a lot harder than it used to be because electricity costs are an issue for all miners, you should look at your local electricity prices to get started. For bear markets are normal as they won't last forever, we will soon rise again.
really be that impossible that you would be wasting off these things for the sake on showing up some support into the market or on Bitcoin itself.
Its really hard to believe that you wont really be that profitable on the current things that you've been dealing with.
Mining is worth if if you do see that you are still making profits even though its less but at least you are in greens.
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I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
If you're still paying for electricity and it's very expensive, forget if you want to mine crypto because it's not worth it. You can visit this website to see what type of graphics card you are suitable for mining coins. WhatToMine
When the crypto is falling, you are better off buying the coins directly because that way, you can get a large amount for one coin and don't have to wait a while until you can get the reward from the mining process. Also, if you are mining coins, you need to find out what coins might improve in the future and if you choose the wrong coins to mine, you will not be able to profit later.
They seem to be more likely to stake and farm than to have to do old-fashioned mining plus the difficulty of mining to get rewarded with inhospitable electricity costs makes mining machines difficult for everyone to adapt to. if you get a graphics card for mining, I think you can try it to mine coins that are still new but finding one is quite difficult.
Energy consumption has been a struggle for crypto miners. Energy groups as well as the government also want to stop them from mining for energy conservation. The return on investment also takes time and they're spending more than they're earning so I guess it isn't worth it especially during the situation of the market right now. The cost of energy consumption is too high which is really a burden when mining and it's even getting more expensive because of the inflation crisis.
Crypto miners can choose alternative energy solutions in order to make their operations a lot more profitable. Just because it's PoW (Proof of Work), doesn't mean it's all about harming the environment. PoW can be as green as PoS if miners put their will to make their equipment "carbon-neutral". Using solar energy, wind, hydroelectric, or even geothermal energy could make PoW greener. It's just that governments are using the rhetoric of "high energy consumption" to go along with their agenda of banning crypto/Blockchain tech for good. They want to specifically attack Bitcoin, since it's the one cryptocurrency that started it all.
Most developers are afraid their projects will be "outlawed" by the government, so they've quickly turned to PoS even if that means sacrificing the decentralization of the Blockchain network. Ethereum, Cardano, BNB, and most other popular coins have adopted PoS as their consensus mechanism, leaving miners with very limited options. Whenever it's still worth mining or not, that will depend on energy costs, among several other factors. Everything's "gone to the roof" these days (as a result of inflation), so it's likely mining will become highly unprofitable by 2023. Just my opinion
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I'm not sarcastic but I have a question, who is a miner who doesn't care about profit? this is the first time I heard someone entered the market just to help promote the growth of bitcoin without profit. According to what I see, Mining companies or bitcoin holders, they all enter the market with the common goal of profit, even we are here for profit.
OP, mining has become a lot harder than it used to be because electricity costs are an issue for all miners, you should look at your local electricity prices to get started. For bear markets are normal as they won't last forever, we will soon rise again.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
Its true that there are miners who dont really care out about profitability but instead they do mine just to make had that support into the network even though it would cost them instead of earning
on pushing or confirming transactions and thats the relevance or importance of their existence.People do just mind off about mainly on being profitable.Yes, its not profitable due to
mining difficult but doesnt mean that all of them had stopped.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The question is what coin are you looking to mine, if mining is no longer generating value or profit then I think the companies will shut down the whole thing but for now mining is still going on as usual. Don't listen to anyone but find out for yourself and if you want to mine, only mine valuable coins like BTC. Do not mine junk coins because the risk will be very likely. For active coins, mining is still active on them. You recommended him to mine a btc but I don't think he can do it with using a graphics card alone. The difficulty in mining for btc have increased a lot so to be able to mine it successfully, a real mining machine is now required and it wasn't friendly in terms of electrical cost. That is why it isn't really advisable. He can mine other altcoins instead.
As everyone said above, the most important factor is energy. If you live in a country with low electricity prices or use renewable energy then mining will be profitable for you. But if energy costs are the same as the European regions are now, then you should shut down all your miners and find yourself a coin to hold.
Yes, energy is a determining factor in whether it will profit or not because almost all countries say that the cost of energy is very expensive, so mining is also like speculation, maybe with the current price calculation takes a long time for ROI, but if the market rising will certainly make more profitable.
Energy consumption has been a struggle for crypto miners. Energy groups as well as the government also want to stop them from mining for energy conservation. The return on investment also takes time and they're spending more than they're earning so I guess it isn't worth it especially during the situation of the market right now. The cost of energy consumption is too high which is really a burden when mining and it's even getting more expensive because of the inflation crisis.
Many factors that we must master to be able to profit if mining, I once mining ETH and I stop because almost 3 months lost, of course if we master a lot of fields and electricity costs can be cheap then it can profit, but to answer curious then I suggest to try.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
mining is not as simple as holding, it involves a lot of factors and you need to have a thorough calculation before mining. the drop in prices is not a big deal causing miners to close down, the reason is said that electricity price is a painful problem today. electricity prices are high and we are in bear season so mining now is almost not profitable but also losses but if you live in an area with cheap electricity then you can mine
it is also important which coins should be mined in order to make a profit because currently mining ETH is not possible, below is a list of coins you can mine except bitcoin you can see the rest
https://coinmarketcap.com/view/pow/
As everyone said above, the most important factor is energy. If you live in a country with low electricity prices or use renewable energy then mining will be profitable for you. But if energy costs are the same as the European regions are now, then you should shut down all your miners and find yourself a coin to hold.
Yes, energy is a determining factor whether it will profit or not because almost all countries say that the cost of energy is very expensive, so mining is also like speculation, maybe with the current price calculation takes a long time for ROI, but if the market rising will certainly make more profitable.
You are not just profiting, you are competing with others in this as well. People who live in a cold enviroment and do not need air conditioning, and do not pay a big sum of money to electrcity will be able to survive longer than you. While you may profit today, tomorrow when hash rate goes up or difficulty basically goes up (quite the same thing if you look at it) or the price goes down, tha tperson could still profit, while you may not because you have bigger costs. This is why its easier to see how you could only do mining at the peak performance if you are in a place with cheap electiricity rates, and if possible cold weather as well.
And from those countries, they've got renewable source of energy so they're not really going to think of the cost of electricity. Because they've got no problems by having a cooling system and as well as with the source of energy.
This is why those huge mining facilities are staying on those considered areas with such factors, while the smaller ones are the ones being kicked out because it's not profitable if you're just a solo miner or had a small farm.
Mining depends on many factors and to be profitable we are not only concerned with price but I think the most important factor is the cost of energy. If you live in an area with cheap energy or use renewable energy you hardly care about the cost of energy and no matter how much the coin price falls I think it is still profitable. You won't even need to sell them to cover the cost, just hold on until the bullish returns. But the problem of choosing which coin to make a big profit is a dilemma today because eth can no longer be mined, the rest is mostly useless.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
There’s a lot of factors to consider before you can say that it’s worth it, and the main concern of every miner is the cost of electricity. Big mining companies are still in operation simply because they are still making money. With small miner, they tend to struggle more because of not enough capital to cover the expenses. Again, you have to do more research about mining and consider everything before you invest especially with your allocated capital. 
You are not just profiting, you are competing with others in this as well. People who live in a cold enviroment and do not need air conditioning, and do not pay a big sum of money to electrcity will be able to survive longer than you. While you may profit today, tomorrow when hash rate goes up or difficulty basically goes up (quite the same thing if you look at it) or the price goes down, tha tperson could still profit, while you may not because you have bigger costs. This is why its easier to see how you could only do mining at the peak performance if you are in a place with cheap electiricity rates, and if possible cold weather as well.
Mining certainly depends on many factors, and the biggest factor is of course the cost of electricity, many people cancel mining because the cost of electricity is very expensive so it is difficult to reach ROI, if we can use solar power then mining is a very profitable thing
The recent change ETH went through in which it transformed from a POW coin to a POS one also has a lot to do with this, miners which were mining the coin now need to find other coins to mine and until a good amount of them give up it will remain unprofitable to do so, if you are only looking to make some quick money then this is not something I will recommend to you, but if you were willing to operate for a loss and your electricity costs are low you could mine some coins, hold them and then sell them during the next bull run.
Mining is only worth it if electricity costs are cheap in your country. Otherwise, not. Many cryptocurrencies are turning to PoS because of "high-energy concerns". After all, governments are pushing their new climate agenda (especially the US). If this keeps up, there may be no coins left to mine except Bitcoin. That means less decentralization in the industry within the not-so-distant future.
I'd say if you're able to afford energy costs, buying and upgrading mining equipment, and doing regular maintenance on your equipment, then go for mining without thinking it twice. The most important thing is that you make a return on your investment no matter if you're mining or staking cryptocurrencies. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
Why would you stop mining because the market is down, on the contrary, this is the right time for you to mine any coins you think has potential against when the market will recover, right now, many alts miners probably are thinking the same as you, remember that both bear and bull season are not permanent.
It is the same thing as buying a reputable project during the bear period because the price is very low due to the bear period. There is a saying that it is in bear market you build a healthy portfolio, this can also applies to mining.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The recent change ETH went through in which it transformed from a POW coin to a POS one also has a lot to do with this, miners which were mining the coin now need to find other coins to mine and until a good amount of them give up it will remain unprofitable to do so, if you are only looking to make some quick money then this is not something I will recommend to you, but if you were willing to operate for a loss and your electricity costs are low you could mine some coins, hold them and then sell them during the next bull run. 
Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.
Crypto mining is not easy because there are many things that you must pay attention to before starting.Starting from the cost of electricity, how many video cards or rigs you have, the amount of rewards generated, and how much profit you will get.
If you have cheap electricity costs, it has really helped you in the mining process because electricity costs are the main thing in the mining process.
Without it, you will find it difficult to make a profit.
If you are a gamer, maybe you can try to sell game accounts with many characters or rare items because I know that many people are looking for them and are willing to buy them.
Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.
It is your own risk because it's your capital is the one that you are using, not him or mine but we are only here to give you advices since you ask for it. It was great that you woke up from the reality that playing video games alone won't get you anywhere but it can only be a waste of time.If you are a not a kid anymore then you should focus on grinding the real way like what you are planning now, looking for a source of income. Mining can be one of it only if you have cheap sources of energy but if you only entered a little earlier then mining is easily doable even using a graphics card but right now, I think you will need a real mining hardware to be able to mine a btc.
Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.
Not worth it to mine as of the moment. You'll get mostly negative from the profits that you'll make in mining because the electricity consumption is where it's mostly going. If you have a free electricity and it's coming from a renewable source or you've got solar panels then it's still profitable to you. But, if you have no free electricity and you have to pay for it then you better just look for something else where you can earn from your hobby of gaming, like offering yourself to play with some people who are looking for a duo or lonely folks that don't have friends.
In a mining activity, we need some equipment and costs are not small, including the cost of electrical energy. However, the results we get are still in the profit count, although not too big, please continue. Because all the results obtained from mining results are determined by the price of the coins we mine
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
You would definitely notice that there are lots of graphics card being sold because mining isnt already that profitable specially on mining ETH. We do even some headlines about miner had been jetwashing their gpus
Crypto Miners Jet Washing Nvidia RTX GPUs.
https://www.tomshardware.com/news/crypto-miners-allegedly-jet-washing-gpus
https://www.thecoinrepublic.com/2022/09/24/crypto-miners-jet-washing-nvidia-rtx-gpus/
You do already have the idea.
If you are going to sell off the few coins you have mined in order to cover the costs, then it's not worth it right now. These days, the point of mining is to gather coins during this bear market so that you can sell them off in the bull market for awesome profits. That when you get to enjoy a nice ROI.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
You have to understand the cost of mining and not just look at the market situation, some miners already moved to other places where they can get a cheaper energy and maximize their mining. If you have a good mining rig and the cost of energy in your area is not that expensive then I can day mining is still worth it. Cheaper coins to mine means you can get more and when the bull market hits, that could be a huge profit for you, patience is also the key in mining for you to succeed.
Mining is only worth when you have access to cheap options energy. If you have this opportunity (which is nearly impossible in current crisis ridden global economy) you can profit through mining. But I see it as more like gambling at this point. Mining Ethereum was one guarenteed way to profit in future - but its gone. Mining Bitcoin is very very hard. Mining other alternative coins is literally like dice game. I encourage people to mine, I support mining but honestly I will never mine, no good way for me.
Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.
no you can't mine if your just using a normal hardware or device, where in you need to provide a good one or the expensive graphics and etc if you really want to mine bitcoin and to have good return after all , Its like an investment mate you need to spend morney first to build a mining then after that of course profits will be made after.. And yes it still worth it.. Btw i said these because it seems you want to mine on your gaming device. Lol
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
I use to mine 0xMonero and Raven but since mining for 0xMonero stopped and the supply was capped at under 2 million tokens, I moved on to staking. Don't get me wrong, I still hold 0xMR and RVN and I think both of them are great projects but when you compare staking to mining only, staking on platforms like MAXX finance and Spookyswap are much more profitable than mining these days.
Understand if its my own risk. Currently im just looking for another income to sustain. I'm mostly a gamer playing D2, LoL etc.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.
Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform
There are a lot of ways to flip tbh buying and selling is one of the way. There is not a set point on how do u flip it. I also flip but I use mostly 3rd party web to flip. Since nowadays crypto is applicable in so many different websites, there are a lot of ways but keep in mind is your own risk
I've been thinking about flipping as well might look into in a little more. In your context about 3rd party website what do u mean by that.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.
Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform
He means he is just buying and sell it for profit compared to mine it then sold it. This mining discussion is solely for Bitcoin and not for altcoins. You should move this on the altcoin board using the move command on the bottom of your thread once you click edit. And also GPU mining is already not profitable since ETH is the most efficient token to mine using GPU while they are now change to PoS. Your will just gamble to mine unknown tokens or old tokens that don’t have any hype which is not profitable in long run for your mining rig.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.
Flipping in what way sorry if its a stupid question hahaha I'm still very new in this crypto platform
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
I Use to do a lot of mining back in the days but currently i have stop doing it as expenses are too high. Right now mostly I'm flipping most of the coin or buy coin to flip as well.
Heya, just created my account so don't take my advice as any sort of gospel. My only experience is being a Blockchain development student.
Currently the hash rate, the amount of computing power working on mining bitcoin is: 260.27 EH/s "Exa hashes per second", let's say you have a high end graphics card (Nvidia 3090) with 120MH/s "Mega hashes per second" and let's assume you're mining in a pool so you're sharing profit instead of waiting x amount of years to mine a block, which includes pool fees.
You're looking at, at most, 50 cents USD per day, or 30 cents if mining Ethereum. I couldn't find a good BTC calculator so I hope someone else knows one.
That's not counting your electricity bill which you have to estimate based on your local electricity cost and power draw from your PC.
If you're profitable, yes you might make a profit in a couple years but I would recommend just playing some games and watching your gains from HODLing.
There are many factors that need to be accounted for and I'm only a student so I'll leave this up to the veterans. Just my 2 cents.
Also, hello BTC community!
Currently the hash rate, the amount of computing power working on mining bitcoin is: 260.27 EH/s "Exa hashes per second", let's say you have a high end graphics card (Nvidia 3090) with 120MH/s "Mega hashes per second" and let's assume you're mining in a pool so you're sharing profit instead of waiting x amount of years to mine a block, which includes pool fees.
You're looking at, at most, 50 cents USD per day, or 30 cents if mining Ethereum. I couldn't find a good BTC calculator so I hope someone else knows one.
That's not counting your electricity bill which you have to estimate based on your local electricity cost and power draw from your PC.
If you're profitable, yes you might make a profit in a couple years but I would recommend just playing some games and watching your gains from HODLing.
There are many factors that need to be accounted for and I'm only a student so I'll leave this up to the veterans. Just my 2 cents.
Also, hello BTC community!
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
The is the Bitcoin section of the Forum and BTC cannot be mined using graphics cards as bitcoin difficulty is literally trillions of times higher than what even the most advance GPU's can handle. Mining Bitcoin requires using ASIC-based miners. That said, please ask in the altcoin areas of the Forum where you can find the answers you are looking for. Many if not most altcoins can be mined using GPU's.
Requesting the mods to move this to the altcoin area.
Oh ya 4 series graphic card is also coming out already and it dictates that the performance is better by 50-70% from the 3 series. Might take into consideration about this.
Ya bro currently i feel like mining also take a long time return also not so high. My opinion is currently just stock up on bitcoin only no need mining so troublesome. In a way thats my view on things currently with the new graphic card coming out most probably mining performance will increase as well. So its really up to you how to take it.
I've recently gotten a graphic card for mining but i heard that currently mining is not worth it as all cryptos are currently in the downfall so its not worth mining. Can anybody give me an advice on it. Your insight is very much appreciated.
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